Behrend Construction Company (who applies the Percentage of Completion method) was the low bidder on a construction project to build a bridge for $7,000,000. The project was begun in 2012 and completed in 2014. Cost and other data are presented below:

	2012	2013	2014
Costs incurred [during the particular year]	$ 1,500,000	$3,000,000	$1,400,000
Estimated costs to complete (end of year)	4,500,000	1,500,000	0
Billings during the year	1,600,000	3,400,000	2,000,000
Cash collections during the year	1,400,000	3,300,000	2,300,000

The amount of Profit to be recognized in 2014 is:

$350,000

$1,100,000

$2,300,000

None of the above.

Behrend Construction Company (who applies the Percentage of Completion method) was the low bidder on a construction project to build a bridge for $7,000,000. The project was begun in 2012 and completed in 2014. Cost and other data are presented below:

	2012	2013	2014
Costs incurred [during the particular year]	$ 1,500,000	$3,000,000	$1,400,000
Estimated costs to complete (end of year)	4,500,000	1,500,000	0
Billings during the year	1,600,000	3,400,000	2,000,000
Cash collections during the year	1,400,000	3,300,000	2,300,000

The amount of Profit to be recognized in 2012 is:

$250,000

$1,400,000

$1,000,000

None of the above.

Behrend Corp. began operations in 2014. It is a merchandiser of a single itemProduct X and uses the Periodic Inventory method. The following relates to purchases of Product X during 2014:

Date	Units	Cost Per Unit	Total Cost
1/02/14	400	$6	$2,400
1/16/14	300	$10	3,000
3/18/14	600	$12	7,200
6/25/14	300	$14	4,200
10/16/14	300	$16	4,800
12/21/14	100	$18	1,800
Goods available for sale	2,000		$23,400

At 12/31/14, a physical inventory indicted 450 units of Product X on hand.

Assuming the LIFO method, inventory should be reported in the 12/31/14 balance sheet at:

$2,900.

$2,700.

$9,300.

None of the above.